BizCap Delivers $15MM Multi-Tranche Financing for Top International Bean Processor, Distributor and Exporter
SAN FRANCISCO, Feb. 23, 2021 (GLOBE NEWSWIRE) — BIZCAP ® (Business Capital since 2002) secured a $15MM multi-tranche credit facility for the largest trader, processor and distributor of high quality garbanzo bean (chickpea) products in the U.S. Capitalizing on the surging hummus market, the company was able to quickly grow from a small family owned operation to the leader in this market processing over 98 million pounds of product at its three production plants. The beans are bagged and shipped to all 50 states and 6 continents, to small family owned companies and international food suppliers. This new credit facility will help the agriculture company stabilize from a period of industry and commodity price fluctuations and provide access to ample working capital as it continues to execute its long-term strategy of being the largest provider of chickpeas to the US market.
“I could not be prouder of the BizCap team,” said Chuck Doyle, President & CEO of BizCap. “We simultaneously delivered an asset-based line of credit from one lender and a real estate term loan from a different lender and closed both loans within 45 days,” he said. ”At times it reminded me of a highwire act, but that’s what we do – take care of our clients’ business and deliver on our commitments. That is how we built our long-standing reputation in a very competitive industry.”
BizCap ® is a time-tested leading commercial finance and advisory firm specializing in securing customized non-dilutive credit-based solutions for rapidly growing as well as challenged middle market companies nationwide who require unique, timely and tailored financing structures to address their particular needs, especially when conventional sources of capital are elusive or not an option. BizCap is a proud supporter of Team IMPACT, a national nonprofit that connects children facing serious and chronic Illnesses with local college athletic teams, forming life-long bonds and life-changing outcomes.